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- Starbucks (NASDAQ:SBUX) is lowering the price of some of its iced beverages in China to remain competitive and address the more cautious consumer environment in the country.
- According to a post on the company’s Weixin social media site, certain iced drinks are now 5 yuan ($0.70) cheaper on average, matching prices at competitors like Luckin Coffee and Cotti.
- Sources cited by Reuters claim the company made the decision to lower prices not because of domestic price competition, but rather to attract more customers in non-peak hours, as part of a “longer-term strategy.”
- Starbucks (NASDAQ:SBUX) shares were fractionally higher in Monday’s premarket trading.